The British capital is home to a biannual event known as Russian Art Week, a period in which wealthy Russian oligarchs often descend on the city to bid on pieces. The event is typically presented by four international auction houses, but amid Russia’s ongoing war on Ukraine, all but one of them have pulled out.

Sotheby’s, Christie’s, and Bonhams, a trio of world-renowned auction houses, all said Wednesday that they would no longer be participating in the June edition of the event. The second iteration of the fair is held in November, though it is unknown if the auction houses will be participating in that show.

Sotheby’s became the first house to cancel. “Sotheby’s will not be holding Russian art sales in June,” the company said in a statement. “We are absolutely rigorous about following the present sanctions, and are monitoring closely for any updates to the lists.”

The decision by Sotheby’s was followed shortly by Christie’s, which released a similar statement announcing it was exiting the fair.

“We have made the decision to cancel our June Russian sales,” Christie’s said in a statement. “While the current sales market for Christie’s in Russia as a whole is relatively small, we have a responsibility to respond to our clients’ needs and to geopolitical events that are out of our control.”

Christie’s added that, like Sotheby’s, it was also monitoring the list of sanctions against wealthy Russians in an effort to punish them economically.

Bonhams also confirmed to The Art Newspaper that it would be closing its doors to the summertime art fair, but did not provide a specific reason.

Beyond these three houses, Russian Art Week is rounded out by a fourth auction house, MacDougall’s. Specializing in Russian art, MacDougall’s has not released a statement regarding the event.

The tanking of the upcoming fair represents another step in the international art community’s efforts to blacklist Russia. Christie’s and Sotheby’s alone represent a significant portion of the luxury goods market, with Statista reporting combined global sales between the two houses of $14.4 billion last year.

Russian artwork made up approximately $49.6 million of this total in just London alone, according to Sebastian Duthy, CEO of Art Market Research.

As the auction houses continue to shun Russia, the art world at large is also pushing to distance themselves from the country.

The Venice Biennale in Italy, which CNN called “one of the biggest and most prestigious art gatherings in the world,” has had a Russian Pavilion as one of its staples since 1914. That will not be the case this year, as the pavilion’s curator and two prominent artists have said they will not participate, all but eliminating the event’s Russian presence.

Many artists are also making strides with attempts to punish art museums and institutions within Russia.

Amid continued criticism of Russia’s actions, the Garage Museum of Contemporary Art in Moscow announced that it would not have any new exhibitions until the Ukrainian invasion ended. The museum was co-founded by noted Russian oligarch Roman Abramovich, one of the wealthiest people in the country.

“We are categorically opposed to any and all actions that sow division and create isolation,” the museum said in a statement. “We see ourselves as part of a wider world undivided by war.”

Newsweek has reached out to all four auction houses for comment.